Home / Knowledge / News / Textiles / Hancock Fabrics Q3 FY'13 sales up 1.1%
Hancock Fabrics Q3 FY'13 sales up 1.1%
11
Dec '13
Hancock Fabrics, Inc. announced financial results for its third quarter ended October 26, 2013 and first thirty-nine weeks of fiscal 2013.

Financial results for the third quarter include:

Comparable store sales increased by 1.1% in the third quarter of 2013 following a 2.3% increase in the third quarter of 2012. Net sales for the quarter were virtually flat at $71.8 million compared to $71.9 million for the third quarter of last year.

Gross profit for the third quarter improved by 240 basis points to 41.6% as compared to 39.2% for the third quarter of the prior year. Excluding fluctuations in the inventory valuation reserve from both years the gross profit improved by 270 basis points.

Selling, general and administrative expenses for the quarter, including depreciation and amortization, remained flat due to increases in advertising and insurance claims, offset by reductions in professional fees and depreciation.

Operating income for the quarter was $0.8 million compared to a loss of $0.9 million in the third quarter last year, representing a reversal of a loss and an improvement of $1.7 million.

EBITDA, a non-GAAP measure, which is defined as earnings (loss) before interest, taxes, depreciation and amortization increased to $2.0 million, a 369% improvement over the same period of 2012.

Net loss improved $1.6 million to $0.6 million, or $0.03 per basic share, in the third quarter of fiscal 2013 compared to a net loss of $2.2 million, or $0.11 per basic share in the third quarter of fiscal 2012.

At quarter end, the Company had outstanding borrowings under its revolving line of credit of $60.0 million, a term loan balance of $15.0 million and outstanding letters of credit of $6.8 million. Additional amounts available to borrow under its revolving line of credit at the end of the quarter were $24.1 million. The balance of the Company’s subordinated debt was $8.2 million at quarter end.

First thirty-nine weeks financial results include:

Net sales for the first thirty-nine weeks of fiscal 2013 were $194.7 million compared to $196.3 million last year and comparable store sales were virtually flat following a 3.6% increase in the first thirty-nine weeks of the previous year.

Gross profit for the first thirty-nine weeks of fiscal 2013 improved by 300 basis points to 43.9% as compared to 40.9% for the prior year. Excluding the fluctuations in the inventory valuation reserve from both years, the gross profit improved 370 basis points.

Selling, general and administrative expenses for the first thirty-nine weeks of fiscal 2013, including depreciation and amortization increased $248,000 but would have come in lower if one-time items that reduced selling, general and administrative expenses by $394,000 in the first thirty-nine weeks of fiscal 2012 were excluded.

Operating income improved by $4.9 million for the first thirty-nine weeks of fiscal 2013 to income of $0.9 million from a loss of $4.1 million for the first thirty-nine weeks of 2012.

EBITDA increased $4.5 million to $4.4 million for the first thirty-nine weeks of fiscal 2013 compared to a loss of $91,000 for the first thirty-nine weeks of last year.

Net loss improved $4.3 million to $3.7 million, or $0.18 per basic share, in the first thirty-nine weeks of fiscal 2013, compared to a net loss of $8.0 million, or $0.40 per basic share in the first thirty-nine weeks of fiscal 2012.

Hancock Fabrics


Must ReadView All

Textiles | On 20th Aug 2017

PetroVietnam, Vinatex discuss reviving PVTEX plant

Discussions are under way between PetroVietnam and textile and...

Courtesy: Mexx

Fashion | On 20th Aug 2017

RNF acquires Mexx fashion brand

RNF, the Dutch sports and fashion holding, has purchased the global...

Textiles | On 20th Aug 2017

Intertextile Shanghai Home Textiles opens on August 23

Intertextile Shanghai Home Textiles, Asia’s leading platform to meet...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

August 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
66.7%
No
16.7%
Skip
16.7%

Total Votes: 30

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
43.3%
No
36.7%
Skip
20.0%

Total Votes: 30

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.3%
No
6.7%
Skip
10.0%

Total Votes: 30

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
60.0%
No
10.0%
Skip
30.0%

Total Votes: 30


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search